Selfridges sinks further into the red as sales at luxury department store falter October 31, 2024 Luxury department store chain Selfridges has lost more than £400m since it last made a pre-tax profit, it has been revealed. The business, which has UK stores in London, Birmingham and two in Manchester, passed the milestone after falling to a £41.9m loss in the year to 3 February, 2024. It comes after Selfridges previously [...]
Sensodyne and ‘power brands’ help Haleon grow revenue and profit October 31, 2024 Consumer healthcare company Haleon has reported growth across all its categories and regions in its third quarter amid healthy toothpaste and mouthwash sales. In the three months ended 30 September, 2024, it achieved organic revenue and organic profit growth of 6.1 per cent and 7.4 per cent, respectively, off the back of strong sales of its [...]
Next predicts £1bn profit after cold weather boosts sales October 30, 2024 Next has upgraded its profit forecast for the year to over £1bn after better-than-expected sales in its third quarter. The FTSE 100 retail giant, which is headquartered in Leicester, has upgraded its guidance from £995m to £1.005bn. In an update to the London Stock Exchange, Next said full price sales in the three months to 30 October [...]
Insolvencies at fashion manufacturers jump on cocktail of cost pressures October 29, 2024 Insolvencies at UK fashion manufacturers have risen by nearly a quarter in the past year as a combination of supply and demand pressures has driven firms under while customers switch to pre-loved clothing. According to Forvis Mazars, the international tax and advisory firm, over 100 companies went bust in the year to July 2024, up [...]
JD Sports sells its majority stake in Rebecca Adlington-founded company October 29, 2024 JD Sports has sold its majority stake in a company founded by former Olympic swimmers Steve Parry, Rebecca Adlington and Adrian Turner. The Greater Manchester-headquartered retail giant, through its subsidiary JD Gyms, has held a 60 per cent stake in Bolton-based Total Swimming Group since a deal in 2022. At the time, the initial cash [...]
Adidas predicts profit of nearly £1bn after sales surge October 29, 2024 Adidas is now predicting its operating profit to swell to almost £1bn for 2024 as it upped its forecasts following a better-than-expected performance in recent months. The sportswear giant is now eyeing an operating profit of around €1.2bn (£997m) for its current financial year, a rise from its previous guidance of around €1bn. The increase [...]
IG Design: Card maker’s cost-cutting drive starts to pay off despite profit plummet October 29, 2024 Profit at IG Design, the world’s largest maker of greeting cards, wrapping paper and gift bags, has been slashed but the firm is now cash generative and expecting to make a comeback in the second half of the year. As expected, group revenue fell 11 per cent in the six months to September, causing adjusted profit to [...]
Love Island host Maya Jama invests in pea milk brand Sproud October 29, 2024 Love Island presenter Maya Jama has invested in Swedish plant milk brand Sproud – which is already backed by a shareholder of Fortnite maker, Epic Games. Jama is to be a strategic advisor and public face of the company following the deal, the value and scale of which has not been revealed. Sproud’s investors also [...]
Profit triples at Abercrombie & Fitch and Hollister owner October 28, 2024 Profit tripled at the business behind Abercrombie & Fitch and Hollister in the UK during its latest financial year as its sales passed the £200m mark. The London-headquartered division has reported a pre-tax profit of £9.8m for the 12 months to 3 February, 2024, according to newly-filed accounts with Companies House. The total comes after [...]
Fatface counts the cost of takeover by Next as fashion retailer enters the red October 28, 2024 Fatface slumped into the red in the aftermath of its takeover by FTSE 100 giant Next last year, it has been revealed. The Hampshire-headquartered business was acquired by the Leicester-based giant for £115.2m in October 2023. Newly-filed accounts with Companies House show that Fatface fell to a pre-tax loss of £3.2m in the 35 weeks [...]